In Piazza Affari the spotlights will be concentrated on the Telecom affair. Today or at the latest tomorrow Vivendi will have to respond to Consob's new request for clarification. In particular, the French group will have to say whether it exercises control over the former incumbent of the Italian telecommunications companies, even in the form of "dominant influence". It is probable that Vivendi, solicited through the French Autorité des marchés financiers, will answer no, but this will not stop the investigation by the Italian commission.
There are two possible consequences in the event of a positive response: the obligation to consolidate the debt and the notification of the golden power, or the legitimacy of the Italian government to intervene. Another topic of conflict is the joint venture between Tim and Canal Plus announced by chairman Arnaud de Puyfontaine, on which Agcom is ready to veto if the issue of Vivendi's simultaneous participation in Mediaset and Telecom is not resolved first.
